Trump tax law poised to create windfall for states

Trump tax law poised to create windfall for states   (How will it affect taxpayers if states don’t act quickly) The Hill Reid Wilson 1/09/18 When President Trump signed a massive tax overhaul late last month, congressional Republicans celebrated a job accomplished. But the work is just starting for state legislators, who are likely to see hundreds of millions of dollars in new revenue. Under the new law, budget analysts say taxpayers who receive a break on their federal forms are actually likely to spend more on their state taxes, unless state legislators act. And that’s setting off contentious fights … Continue reading

New GOP Tax Plan Seems To Fail Truly Small Businesses

If the Democrats could shelve their tired and weary class warfare rhetoric, they’d realize that a good case can be made against some key parts of the new GOP tax plan.  This plan seems to fail to help truly small businesses — the actual mom & pop operations like independent retailers, single franchise owners, stable operators, independent medical practitioners — and instead is designed to benefit “big small” businesses as well as corporations.  I’ve heard these complaints from entrepreneurs whom I’ve known for years — and they are most assuredly pro-Trump, every one of them.  But the Law of Unintended … Continue reading

Figuring Your Taxes After The New Tax Bill Passes

The Trump tax calculator — will you pay more or less? Estimate how both the tax bill would impact your finances   Market Watch By Steve Goldstein and Katie Marriner December 18, 2017 It’s finally here — on Friday, Republicans from both the House and the Senate agreed on a $1.5 trillion bill to cut taxes. The legislation, called the Tax Cuts and Jobs Act, cuts individual tax rates and slashes corporate taxes. Analysts say it’s highly likely both the House and the Senate pass the bill that President Donald Trump says he’ll sign into law. Read: Here’s what in the … Continue reading

Improving the Tax Cuts and Jobs Act

Improving the Tax Cuts and Jobs Act: A Path for the Conference Committee

Heritage Foundation
Adam Michel
December 6, 2017

SUMMARY

The House and Senate each past different versions of the Tax Cuts and Jobs Act. The two versions now head to a conference committee where select lawmakers from both chambers will work towards one unified bill. The conference committee should begin with the Senate-passed bill because the political balance struck in the Senate will be important to maintain for final passage. The House bill, however, has many worthy provisions that will make the Senate bill even stronger.

The Best Parts of the House and Senate Plans

1. 20 Percent Corporate Tax Rate and Expensing. In both bills the corporate tax rate is cut from 35 percent—one of the highest rates in the world—to 20 percent. A 20 percent federal corporate tax rate is the upper bound for global tax competitiveness. Even after adoption of this recommendation, when average state taxes are added in, the U.S. would still have an average cumulative tax rate higher than the worldwide average of 23 percent.

2. Elimination of Tax Subsidies. Both the House and the Senate bills eliminate the state and local tax deduction for income and sales tax and cap the property tax write-off at $10,000. This true structural reform will increase the efficiency and fairness of the entire U.S. tax system. Removing the state and local tax deduction ends the current economically destructive subsidy whereby similar taxpayers in low-tax states pay higher federal taxes than those in high-tax states.

3. Individual Mandate Repeal. The conference committee should include the Senate’s repeal of Obamacare’s individual mandate. Zeroing out the tax, which forces individuals to buy health insurance, would provide tax relief to millions of Americans who cannot afford the rising costs of Obamacare insurance. Repealing the mandate would put anywhere between $695 and $13,100 back into the pockets of American families, if they choose to not purchase the type of health insurance that Obamacare requires.

4. Education Savings Accounts Expansion and Tax Credits Simplification. The House bill includes two important simplifications to education policy that are largely left out of the Senate reform.

Room for Improvement

1. Individual Tax Rates. Neither the House nor the Senate lower personal taxes as far as they should. The House plan consolidates the number of tax brackets from the current seven down to four, but does not lower the current top tax bracket of 39.6 percent. The plan actually raises marginal rates on some taxpayers making over $200,000 and includes a new “bubble tax rate” of 45.6 percent for some high-income earners.

2. Business Deductions. In response to concerns that small and pass-through businesses did not receive a big enough tax cut in the original Senate bill—a dubious claim—the Senate expanded the business deduction from 17.4 percent to 23 percent.

Outstanding Problems in Need of Solutions

1. Repeal the Alternative Minimum Tax. The House bill rightly eliminates the alternative minimum tax (AMT) in both the corporate and individual tax codes. The Senate bill retains both AMTs and raises the threshold where the tax kicks in for individuals.

2. Repeal the Estate Tax. The Senate, like the House, doubles the basic exclusion for the estate tax from its current $5.49 million per person. The Senate, however, never fully repeals the death tax.

3. Make Good Tax Policy Permanent. Due to Senate budget rules, the Senate reforms have many temporary provisions for both individuals and businesses. Tax policy should not be temporary, but instead should strive to provide certainty for taxpayers, now and in the future. Political realities of the Senate budget process mean that many provisions will remain temporary.

Read his analysis and charts HERE.

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The Democrats would have us believe that this new Tax Plan is a serious threat and would bankrupt the country. Perhaps they should remember that the tax code is more easily amended than nearly any act. Maybe they just don’t think Republicans can provide such a “wonderful” product as their own party members produced. Perhaps their objections are because two prominent DEMs wrote the code — Representative Richard Gephardt of Missouri and Senator Bill Bradley of New Jersey. Even the revisions of note were submitted by Democrats: the Revenue Reconciliation Act of 1990 under President George H.W. Bush and the Revenue Reconciliation Acts of 1993 under President Bill Clinton. There was a revision during GW Bush in 2001 that was Republican but it was repealing several penalties inflicted by the prior revisions.

Not one single completely new Tax Plan has been submitted by Democrats since 2009 including during this congressional session. They could have but chose to pick at the older Tax Code and add relief or “fix” only specific items of interest. The Republicans on the other hand have seemed to submit almost yearly at least one bill for a tax overhaul since 2009. So why are the Democrats objecting now — could it be they simply are realizing they might lose control if someone besides themselves actually comes up with a workable plan?

I do not believe that one party or the other has a “corner on the market” in writing tax codes, in fact I shudder when I consider that we are being basically “double and triple taxed”given that the colonies broke away from England over this very issue.

Maybe the tax plan won’t be a great one but then neither was the previous tax code.  U.S. Code: Title 26 -Internal Revenue Code has been on the books since 1986.  It has been added to, rarely revised, and constantly discussed since the day it was signed by the President. This plan will be no different but hopefully will start from a clean slate instead of saying “replace  the word xxx with yyy”.

Heritage Foundation has increasingly received recognition for their work and the current administration seems to rely on their opinions. This is why I am posting their information.

Without getting technical, I can at least see what they are agreeing with, worried about, and concentrating on. It gives me a lot more confidence to know that more than a few professional financial/tax advisors are carefully following what is being crafted into this bill. I just hope that the final product is worth all the angst and rants. 

I personally want to see that the 501(c)3 is slashed out of existence but have yet to see anything that suggests that will happen.

Still hope this helps a little for those like me who aren’t up on things and can only hope the final product is reasonable.

–Uriel– 

 

The Praetorian Guard

 within the U.S. Department of Justice. If you read NOTHING else today, this is a MUST READ and it absolutely explains the corrupt behavior of the Feral Bureau of Imbeciles and the Department of Just-us! EXCERPT:  “When the Roman Senate debated whether to restore the Republic after the lunatic Emperor Caligula was assassinated in 41 AD, the potential end of the Empire posed an existential threat to the Praetorians, so they took matters into their own hands.  They found Caligula’s uncle, Claudius, cowering inside the palace and spirited him away to their stronghold.  The guard then proclaimed Claudius the Emperor, cutting off … Continue reading

A Progressive Thanksgiving Blessing

On this eve of our Thanksgiving for all that we have been Blessed with, and remembrance of the Pilgrims who braved and sacrificed so much in their quest to settle this wonderful country of ours centuries ago, we must not forget the Progressives. They too have much to be thankful for, though they had to ponder for a great deal of time before they discovered exactly where to place that gratitude. This prayer was written in 2007, so a few discrepancies to today may be apparent, but the meaning is still intact. Blessing of the Government Taxes Let me, Dear … Continue reading

Foundations Giving Millions To Groups With Ties To Radical Terrorists – Foreign and Domestic

ANOTHER NAIL IN THE COFFIN FOR REASONS TO GET RID OF THE TAX GROUP – 501(c)3 Investigation: Foundations Gave Millions To Groups Accused Of Terror Ties The Daily Caller Peter Hasson Associate Editor Major American foundations have given millions of dollars in funding to Islamic organizations accused of having ties to radical Islamist movements or designated terrorist organizations and a group of activists are trying to convince them to stop. Groups like Islamic Relief Worldwide, which some countries have banned for allegedly funding Hamas and other terrorist organizations, have received millions of dollars from corporate charities like the GE Foundation, … Continue reading

Republicans released their tax plan

      The complete tax plan revisions to 1986 Tax Code as presented by the Republicans can be read HERE. The Goals of President Trump’s Plan can be read HERE. Republican Tax Plan Cuts Middle Class and Corporate Taxes, Leaves Retirement Savings Safe Breitbart John Carney November 2, 2017 We’ll follow along with the news and analysis of the bill all day. Refresh this page for the latest updates. Here are the highlights: The House bill reportedly will permanently and immediately cut the corporate tax rate from 35 percent to 20 percent. Lawmakers dropped earlier plans to phase-in the … Continue reading

Koskinen Appointment Is Expiring – Hip, Hip, Hooray!

  IRS Commissioner John Koskinen’s term expires on Nov. 12, 2017. President Trump has as yet not appointed someone to Commissioner of Internal Revenue to replace him. In a Treasury Department press release issued October 25, 2017, Secretary Mnuchin has announced that he intends to designate Assistant Secretary for Tax Policy David Kautter as Acting Commissioner of the Internal Revenue Service. He will officially begin that position on November 12th. He will continue to carry out his Assistant Secretary duties, including working on tax reform, while serving as Acting Commissioner. Deputy Commissioners Kirsten Wielobob and Jeff Tribiano will continue to run … Continue reading

The Mueller

investigation summed up. First comes the laugh of the day from Gowdy and Goodlatte:  “Our justice system is represented by a blind-folded woman holding a set of scales. Those scales do not tip to the right or the left; they do not recognize wealth, power, or social status. The impartiality of our justice system is the bedrock of our republic and our fellow citizens must have confidence in its objectivity, independence, and evenhandedness. The law is the most equalizing force in this country. No entity or individual is exempt from oversight.” Pardon the Gunny but… Now the assessment of Mueller and … Continue reading

Illegal Alien sentenced for $12 Million tax fraud scheme – another instance when Trump was right

Illegal Alien from Niger sentenced in $12 Million Tax Refund Fraud, Voter Fraud, and Illegal Reentry   Department of Justice Press Release October 20, 2017 A Nigerian citizen, who resided in St. Louis, Missouri, was sentenced to 78 months in prison for mail fraud, aggravated identity theft, voter fraud, and re-entering the United States after having been removed, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Carrie Costantin for the Eastern District of Missouri. According to documents filed with the court, Kevin Kunlay Williams, a.k.a. Kunlay Sodipo, 56, and … Continue reading

Media Matters Chief, David Brock – Slush Fund Slurper?

Brockbuster: Is The Media Matters Chief Slurping From A Slush Fund? Daily Caller Robert Donachie October 10, 2017 Media Matters chief David Brock (President and CEO of Media Matters For America) has personally watched over and benefited from a scheme to hide donor identities that allowed progressives to funnel untraceable millions to initiatives against conservative and GOP causes around the nation, a complaint filed Tuesday with the Federal Election Commission charges. Andrew Kerr details in the complaint obtained by The Daily Caller News Foundation how Brock has allegedly overseen a sleight of hand operation to obscure who is donating money to a … Continue reading

Why do Democrats/Liberals/Progressives Hate Freedom?

“The conservative “thinks of political policies as intended to preserve order, justice, and freedom. The ideologue, on the contrary, thinks of politics as a revolutionary instrument for transforming society and even transforming human nature. In his march toward Utopia, the liberal ideologue is merciless.” Russell Kirk “The diversity in the faculties of men, from which the rights of property originate, is not less an insuperable obstacle to a uniformity of interests. The protection of these faculties is the first object of government. From the protection of different and unequal faculties of acquiring property, the possession of different degrees and kinds … Continue reading

SPLC Moving Millions to Offshore Bank Accounts – Donors Beware

  Southern Poverty Law Center outed for moving millions to offshore bank accounts BizPac Review Tom Tillison August 31, 2017 The Southern Poverty Law Center transfers millions of dollars to offshore entities as part of its business dealings. The Alabama-based 501(c)(3) tax-exempt charitable organization known for its so-called “hate group” designations — which the media swears by — also “pays lucrative six-figure salaries to its top directors and key employees while spending little on legal services,” The Washington Free Beacon reported. More from the Free Beacon: The SPLC has turned into a fundraising powerhouse, recording more than $50 million in contributions and $328 million in net … Continue reading

Media Matter Playbook

Silencing ALL opposition voices: Inside The Media Matters Playbook   Media Equalizer Jeff Reynolds August 7, 2017 Even to casual observers, it has been obvious for months that the left is orchestrating a tightly-coordinated campaign to undermine and delegitimize the current presidential administration. As an extension of the decades-long campaign to wrestle the narrative away from conservatives, independents and centrists, they’re smearing right-leaning commentators with anything they can find. In the take-down of Bill O’Reilly and Monica Crowley and attempted hit on Sean Hannity, for example, it’s more than evident. We now have the Media Matters Playbook. In a 49-page … Continue reading

The Numbers Don’t Lie

Obama and his economic policies and economic advisors, i.e., Krugman, Goolsby, sucked. The U6 numbers from when Barky took over to the start of Trump’s MAGA. Year     Jan    Feb    Mar    Apr    May    Jun     Jul     Aug    Sep    Oct     Nov    Dec 2009    14.2   15.1   15.7    15.9    16.4    16.5   16.5   16.7    16.7    17.1   17.1    17.1   2010    16.7   17.0   17.0    17.1    16.6    16.5   16.5   16.5    16.8 … Continue reading

Rep Steve King Wants Obama Included In 2nd Special Counsel Probe

Posted on July 30, 2017 by Rick Wells In the debate over the House Judiciary Committee’s amendment to call for a second special counsel to address the crimes of top Democrats, Congressman Steve King (R-IA) notes that there have been several things left out of the discussion, some guilty individuals and areas of illegal conduct. He starts off with a reminder that Hussein Obama sent a contingent of partisans to Israel in the heat of their 2015 election in an attempt to unseat Prime Minister Benjamin Netanyahu, an operation that was known as V15 and which involved the misappropriation of $350,000 of US taxpayer money. … Continue reading

Victory Against IRS After Long Years Of Litigation

Victory Against IRS After Long Years Of Litigation     American Center for Law and Justice Miles Terry July 19, 2017 It has long been established that IRS officials under the Obama Administration “orchestrated a complex scheme to dump conservative and Tea Party non-profit applicants into a bureaucratic ‘black hole.’” Hundreds of documents have been uncovered in recent years that clearly establish that “top IRS officials in Washington, including Lois Lerner and Holly Paz, knew that the agency was specifically targeting ‘Tea Party’ and other conservative organizations.” The ACLJ is pleased to announce that after a long, arduous legal battle our client, the Albuquerque Tea Party, has finally received … Continue reading

JPMorgan Chase CEO – Competitive Corporate Taxes versus the Idiocy of MSM and Liberals

    J P Morgan’s Dimon: America ‘Almost an Embarrassment’ Newsmax July 17, 2017 Jamie Dimon, CEO of JPMorgan Chase & Co., the nation’s largest bank, unloaded Friday about everything that’s holding back U.S. businesses. “It’s almost an embarrassment being an American traveling around the world,” Dimon, 61, said on a conference call with analysts. He doesn’t like listening to the “stupid ****” Americans have to deal with, expressing frustration over the nation’s inability to invest in infrastructure and overhaul the tax code. “There would be much stronger growth if there were more intelligent decisions and less gridlock.” Dimon heaped … Continue reading

It Is About Damned Time

that they got off of their fat asses and started investigating Obutthead and his minions. This should have happened on DAY ONE! EXCERPT:  “The chairman of the House National Security Subcommittee is calling on the Department of Justice to launch a formal investigation into former FBI Director James Comey’s alleged leak of classified information, according to an exclusive interview with the Washington Free Beacon in which the lawmaker also called on the Trump administration to purge all former Obama administration holdovers from government. Rep. Ron DeSantis (R., Fla.), a member of the House Committee on Oversight and Government Reform and chair of … Continue reading